AUD/CAD ââ,¬â€œ The AUDCAD is currently making a third test of the 0.8429 level on the daily time frame.  While the range of todayââ,¬â"¢s bar has tallied 80 points in this most recent swing higher, there are a number of technical levels that could cut a run short.  A falling currency channel, approaching 50, 100 and 200-day SMAââ,¬â"¢s and the 61.8% of 0.8689 ââ,¬â€œ 0.8292 at 0.8444 will make a break above 0.8465 difficult.  Given the neutrality in the indicators, a move lower would likely have a difficult time rousing the momentum needed to break 0.8312.

AUD/JPY ââ,¬â€œ  After finally making the break of the 23.6% of 83.32 ââ,¬â€œ 89.93, the AUDJPY has proceeded to rally unencumbered for two more sessions.  A climb higher will meet some resistance at the 9/4 high at 89.28 while the bigger swing high at 89.92 could encourage a step up in yen bids.  If the pair is held below the 9/4 high, a move lower to 87.29 would set up the neckline for a somewhat broad head-and-shoulders pattern.

AUD/NZD ââ,¬â€œ The AUDNZD has shown some resiliency in its 1.1465 ââ,¬â€œ 1.1223 range that happens to be braced by the 50.0% and 61.8% fibs of the 1.0436 ââ,¬â€œ 1.2493 bull wave respectively.  Recently, this band has been split in half however by a falling trend channel whose upper ray coincides with the 20-day SMA.  A move below the 10/5 low at 1.1208 could reinitiate the downtrend with a possible jump in volatility given the steady decline in the ATR and momentum indicators.  On the other hand, a break above yesterdayââ,¬â"¢s high at 1.1370 would effectively take out the falling channel and may signal a new bullish leg is forming that could take out the range high at 1.1465.

Jamie Saettele is a Technical Currency Analyst for FXCM.